Apollo considers raising investment limit on flagship fund - report

October 07, 2013|Reuters

Oct 7 (Reuters) - U.S. private equity firm Apollo GlobalManagement LLC is considering seeking approval to raisethe limit on its new flagship fund following investor interest,Bloomberg reported, citing two people with knowledge of thematter.

Apollo, the firm run by Leon Black, has discussed withinvestors about getting permission to increase the $15 billionlimit on Apollo Investment Fund VIII LP, the people told theagency, after some expressed interest in investing as much as$20 billion.

Apollo had set a target of $12 billion for the fund and thefirm may leave the maximum size of the fund unchanged, thereport said.

The target amount differs from the limit, known as a hardcap, which is the maximum amount a fund can raise if demandexceeds the target.

Apollo has not completed raising the fund. The investors whohave already committed money need to approve a change to thesize of the pool. (http://link.reuters.com/tek63v)

Charles Zehren, a spokesman for Apollo at RubensteinAssociates, declined to comment on the Bloomberg report.